The governor of the Saudi Central Bank (SAMA), Ayman Alsayari, is emphasizing the need for robust cryptocurrency regulation, urging the International Monetary Fund (IMF) to take action. His remarks came during the IMF Annual Meetings held in Marrakech, Morocco, from October 9 to 15.
G20’s Crypto Roadmap
Alsayari’s call aligns with the G20’s newly unveiled roadmap for regulating crypto assets and reforming multilateral development banks (MDBs). This roadmap is designed to facilitate international policy coordination and address the uncertainties in the cryptocurrency space.
Global Economic Stability Concerns
The governor’s statement comes amid growing concerns about the global economy’s slowing pace and rising inflation rates. World leaders are pushing for stricter monetary policies worldwide. The G20 roadmap aims to counteract the potential threats cryptocurrencies pose to financial stability.
Implications for Cryptocurrency
Governments worldwide are now reevaluating their approach to cryptocurrency. For instance, India is moving towards regulation in line with IMF-FSB guidelines, departing from its initial consideration of an outright ban. The roadmap suggests a shift in the regulatory landscape that could impact the future of cryptocurrencies.
Also Read: G20 Proposals Shed Light On India’s Crypto Approach, No Indication Of A Ban
Influence on Crypto Adoption
Traditional financial institutions and regulators have expressed their desire to bring more clarity and control to the crypto space. The IMF’s crypto concerns have led to initiatives like the CBDC handbook. This trend could pave the way for greater cryptocurrency adoption, but it may also transform the nature of cryptocurrencies as governments align with global guidelines.
The effectiveness of this guide will only become clear with time, as the crypto industry navigates this evolving regulatory landscape